Match each definition with its related term by selecting the appropriate term in the dropdown provided. Dropdown options:An accounting system that records all actual amounts after the expense has occurred.An accounting system that records all costs based on estimated amounts.An accounting system that records all direct materials and direct labor at actual amounts, while assigning manufacturing overhead costs using predetermined overhead rates.Difference between actual and planned results.Standards that are tight but are used to motivate individuals to work hard and achieve results.Standards that can be achieved only under perfect conditions.The difference between actual cost and the flexible budget for materials.The difference between actual labor hours and standard labor hours multiplied by the actual labor rate.The difference between actual labor hours and standard labor hours multiplied by the standard labor rate.The difference between actual price and standard price times the actual quantity of materials purchased.The difference between actual price and standard price times the actual quantity of materials used.The difference between the actual rate and the standard rate multiplied by the actual labor hours used.The difference between the actual rate and the standard rate multiplied by the standard labor hours allowed.When actual costs are greater than planned costs.When actual sales are greater than planned sales. TermDefinition1. Actual Accounting System2. Direct Labor Efficiency Variance3. Direct Labor Rate Variance4. Direct Materials Price Variance5. Direct Materials Spending Variance6. Ideal Standard7. Normal Cost System8. Standard Cost System9. Unfavorable Variance10. Variance

Answered: Term Definition 1. Actual Accounting…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter8: Standard Costs And Variances

Section: Chapter Questions

Problem 6EA: Use the information provided to answer the questions. All material purchased was used in production....

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Match each definition with its related term by selecting the appropriate term in the dropdown provided.

Dropdown options:

An accounting system that records all actual amounts after the expense has occurred.
An accounting system that records all costs based on estimated amounts.
An accounting system that records all direct materials and direct labor at actual amounts, while assigning manufacturing overhead costs using predetermined overhead rates.
Difference between actual and planned results.
Standards that are tight but are used to motivate individuals to work hard and achieve results.
Standards that can be achieved only under perfect conditions.
The difference between actual cost and the flexible budget for materials.
The difference between actual labor hours and standard labor hours multiplied by the actual labor rate.
The difference between actual labor hours and standard labor hours multiplied by the standard labor rate.
The difference between actual price and standard price times the actual quantity of materials purchased.
The difference between actual price and standard price times the actual quantity of materials used.
The difference between the actual rate and the standard rate multiplied by the actual labor hours used.
The difference between the actual rate and the standard rate multiplied by the standard labor hours allowed.
When actual costs are greater than planned costs.
When actual sales are greater than planned sales.

Term
Definition
1. Actual Accounting System
2. Direct Labor Efficiency Variance
3. Direct Labor Rate Variance
4. Direct Materials Price Variance
5. Direct Materials Spending Variance
6. Ideal Standard
7. Normal Cost System
8. Standard Cost System
9. Unfavorable Variance
10. Variance

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